Income Tax Return Filing

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Income Tax Return Filing

Are you facing trouble in Income Tax Return filing? Don’t worry! You are not the only person. Now you don’t need to postpone the task to the last moment. We ensure you smooth and hassle-free Income Tax Return Filing.

If you still have not filed your income tax return, then you can file Income Tax Return by 31st December without the late fee of Rs. 10,000/-.

What is Income Tax Return Filing?

It is done with the Income Tax Department which shows the Income and Expenditure of the taxpayer and on the basis of such Income and Expenditure amount is calculated on which the tax liability is to be paid by the taxpayer. ITR filing is done on the basis of PAN (Permanent Account Number); a person must have PAN before ITR Filing. There are limits prescribed to file the ITR, if the income of any person exceeds the prescribed limit under the Income-tax, 1961, then it will be the liability of the taxpayer to file the TDS return filing and pay the tax. NIL return can also be file if you do not exceed the limit. However it is not a liability of the taxpayer to file the NIL return.

If you want to know the income tax payable by you then you can use this calculator - Income Tax Calculator

Who are liable for Income Tax Return filing?

It is compulsory for individuals, NRIs, Sole Proprietors, Companies, LLPs and Partnership Firm. It’s mandatory for Individuals and NRIs whose income exceeds Rs. 2,50,000/- Per Annum. While ITR filing is mandatory for Partnerships Firm, Sole Proprietorship Firm, Companies, and LLPs irrespective of their turnover, income, profit or loss.

ITR filing is also required in case you wish to go abroad for higher studies, or for a job purpose then income tax returns will be required for the past 3 years to show income proof. In order to evaluate financial health, income tax return may be asked by the people processing your visa application. Income Tax return filing reflects whether you can support yourself in their country.

What are the penalty provisions of late Income Tax Return Filing?

There are certain penalty provisions in case the taxpayer does not file ITR on time. The penalty is charged, on the late payment of income tax. Recently, in the case of late income tax return filing penalty has been increased by the government.
Now, the late fee of income tax return filing is as follows:

ITR Filing between 1st August to 31st December - Rs. 5000/-

ITR Filing after 31st December - Rs. 10,000/-

While in case taxable income is less than Rs. 5 lakhs then there is a penalty of Rs. 1000/- only.

What are the forms for Income Tax Return filing?

There is a range of ITR filing forms “ITR 1 to ITR 7”. Some of the ITR filing forms are longer than usual which may require additional disclosures regarding balance sheet and a profit and loss statement.

S. No.

Forms for ITR Filing

Description

1.

ITR 1

For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh

2.

ITR 2

For Individuals and HUFs not having income from profits and gains of business or profession

3.

ITR 3

Income from profits and gains of business or profession from Individuals and HUFs

4.

ITR 4

For presumptive income from Business & Profession

5.

ITR 5

For persons other than:-
(i)Individual,
(ii)HUF,
(iii)Company and
(iv) Person filing Form ITR-7

6.

ITR 6

Companies except companies claiming exemption under section 11

7.

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

What are the benefits of ITR filing?

There are numerous benefits of Income Tax Return Filing. Some of them are as follows:

Proper Documentation of Financials

To ensure proper documentation of financial statements, income tax return must be filed on time. ITR Filing documents are the proof of financials. Proper financial documentation is must for availing loan or visa.

To avoid Notice from the Income Tax Authority

In case of delayed or wrong submission of ITR, notice is served by the Income Tax department to the authority.

To avoid the Income Tax Scrutiny

In case you have deposited more than Rs. 2 lakhs in a bank account at the time of demonetization, then to avoid unwelcome legal penalty.

Carry Forward Losses

With ITR Filing, losses can be carried forward against house property & depreciation.

Income Tax Refund

At the time of Income Tax Return filing, you can claim for Income Tax Refund.

For Speedy Visa Processing

For speedy visa processing, embassies ask for the submission of Income Tax Return for the last 3 years.

Plan Selection for ITR Filing

Complexity

Rs. 299 + GST 18%

Rs. 699 + GST 18%

Rs. 1499 + GST 18%

Rs. 6999 + GST 18%

Form 16 (Single Form)

Form 16 (In case of additional form)

Income from House Property

PF Withdrawal

Saving A/c, Dividends, Exempt interest

FD Interest

Brought Forward Losses

Capital Gain

Foreign Income

Income from Lottery/Gaming

Donation

What are the details required in case of income tax return filing?

The following shall be required in case of ITR Filing:

Basic information such as PAN, Aadhar card number, and detail of current address will be required.

Bank account details will be required of the given financial year. For ITR filing, it is a mandatory disclosure.

Other disclosures regarding income from salary, fixed deposits, savings bank account are also required.

Can Income Tax Return be filed for the previous year?

No, now previous year Income Tax Return filing cannot be done. Therefore you must be careful every year of due dates of ITR to avoid any penalty

What will be the next step after the income tax return filing?

A 15-digit acknowledgment number will be generated on the screen, once the Income Tax Return is filed. After this, you have to verify your tax return. ITR can be filed from the Net banking accounts.

What are the steps involved in Income Tax Return Filing?

Following steps are considered at the time of Income Tax Return Filing:

What are the due dates of the Income Tax Return Filing?

ITR filing due dates differ in case of the individual and corporate taxpayer. In case of individual, income tax return filing due date is 31st July while income tax return filing is mandatory till 30th September in case of companies and taxpayers for whom tax audit is mandatory.

What are the provisions regarding Tax Audit?

As per Income Tax Act, section 44 AD deals with the tax audit.

Business

In case a total turnover or gross receipt exceeds Rs.1 crore in any previous year then the tax audit would be requir

Professional

In case gross receipts exceed Rs.50 lakhs in the profession in any of the previous years then tax audit would be required.

Presumptive Taxation Scheme

Tax audit would be required in case person is enrolled under the presumptive taxation scheme as per section 44AD?and turnover is more than Rs. 2 crores.

Explain Income Tax Deductions for the year 2018.

Deduction under Section 80C

Under this, the deduction can be claimed of up to Rs.1.5 lakhs on the amount paid or deposited in PF, PPF, LIC premium paid, NSC (National Savings Certificate), ULIP, principal repayment of housing loan, tuition fees, term deposit in the bank, deposit in Senior Citizen savings scheme etc.

Deduction under Section 80D

It can be claimed by individuals as well as HUF for medical insurance paid by cheque under GI scheme and payment made for preventive health checkup of Rs.5000.

Deduction under Section 80E

Individuals can claim for 80E deduction for the repayment of interest on the loan, in relation to a loan obtained for higher deduction. Deduction under Section 80E can be claimed for a maximum period of 8 years from the repayment of a loan or till the entire loan is repaid by the borrower, whichever is earlier.

Deduction under Section 80EE

Additional deduction can be claimed under this section like interest paid on housing loan paid through EMI by the assessee Rs. 1 lakh is the maximum deduction allowed. Only on the first home loan, deduction can be claimed and loan amount does not exceed Rs.35 lakhs and the value of the property is not more than Rs.50 lakhs.

Deduction under Section 80G

The deduction under section 80G is claimed in respect of the donations to certain funds, charitable institutions within the ceiling amount of 10% of the Gross Taxable Income. The deduction would be available on the basis of the exemption enjoyed by the fund. However, it can be claimed for cash deductions of more than Rs.2000.

How we will help you in Income Tax Return Filing?

Collection of all the necessary documents

In the first step, our experts will collect the necessary documents for your ITR filing.

Preparation for Income Tax Return Filing

On the basis of the given documents and information, our experts will prepare Income Tax Return and will send you back for your approval.

Income Tax Return Filing

In the last step, after obtaining your approval our team of experts will proceed for Income tax return filing with the Income Tax Department

Now, to complete this process, you have to fill an inquiry form on our website Income Tax Return Filing and click on Get Started button. Our expert will call you back and sole your query. After the initial payment, our system will generate your order no which will be allocated to a dedicated in-house CA.

What are the common mistakes one must avoid at the time of Income Tax Return Filing?

Some of the common mistakes have been listed below which must be avoided at the time of ITR Filing.

Selection of the wrong form

The most important thing is to select the correct ITR form. In case of the filing of wrong ITR form, your return will not be entertained by the Income Tax department. Selection of the correct form is on the basis of the income of the taxpayer and category of the taxpayer.

Selection of the wrong Assessment Year

Correct assessment year must be ensured at the time of ITR filing otherwise it may attract double taxation and unwanted penalties.

Furnish wrong details

At the time if ITR, it must be ensured that personal details of the assessee such as name, address, E-mail Id, mobile number, PAN, date of birth are absolutely correct. All the details must be as per PAN. In case you are trying to claim a refund then bank account details must be correct to receive the timely refund and without any difficulty.

Full disclosure is not given regarding all the sourcing of income

All the income generated from any source other than the primary source must be fully disclosed irrespective of the fact that it is taxable income of exempt.

TDS is not reconciled with form 26AS

Form 26AS consist the details regarding Tax Deducted at Source (TDS), advance tax paid by you, self-assessment tax, etc which must be cross verified by salaried with Form 16 issued by the employer in order to avoid any discrepancy, which may increase the payable tax and decrease the refund amount.

Non Payment of advance tax/self assessment tax

Taxes must be paid within due dates to avoid any penalty in future. It must be ensured by the taxpayer that taxes are clear on or before the 31st March of the financial year. Otherwise, 1% per month interest will be imposed until the dues are cleared.

ITR V not dispatched on time

After the Income tax return filing, it must be e-verified through net-banking, or EVC process on mobile number and via email. Only after the verification is received, the income tax department will process your income tax return. In case you are unable to e-verify then you can sign & send the ITR V through speed post to the CPC within 120 days.

How has the Income Tax Return been processed by the department?

After Income Tax Return filing, income tax department verifies your tax return. If the Income Tax Return is not e-verified then ITR V must be sent physically within 120 days from the date of ITR filing. (ITR V must be signed with blue ink) Once the signed ITR V is received by the CPC (Central Processing Center), acknowledgment is sent on the registered e-mail id of the taxpayer.

Processing of Income Tax Return involves the following steps:

Receipt of the ITR V by the CPC

In case of ITR V is physically sent then you must ensure that you’ve received a mail confirming receipt from the CPC (Central Processing Center).

Processing of Income Tax Return

Processing of Income Tax return starts, once the CPC receives the ITR V, thereafter on the completion of the processing intimation will be sent as per section 143(1) of the Income Tax Act, 1961.

Intimation under Section 143 (1)

Under Section 143 (1) intimation is send with a view to collect taxes or refund to the taxpayer if any.

Intimation reflecting no refund and no tax payable under Section 143(1)

If intimation under Section 143(1) shows that there is no refund and tax payable then we can say that income tax return was processed by the department without any refund or additional tax payable. Therefore no further action is demanded.

Intimation of notice under Section 143(1)

The intimation of the notice sent will contain the e-filing acknowledgment number, CPC reference number, etc., along with the details of income and taxes paid by the taxpayer and taxes computed by the department. The comparison will be in two separate columns. If the notice demands for the taxes due and you feel that the demand is incorrect then has to get the demand correct. Rectification request can also be filed online along with the CPC reference number. Department will respond to this within 6 months.

Application for rectification can be filed within 4 years from the date intimation is issued imposing additional tax. However, intimation reflecting additional tax payable must be paid within the period of 30 days otherwise assessee will be considered in default and penalized accordingly.

What are the Income-tax Slabs rates for the Assessment Year 2017-2018?

For Individual Tax Payers & HUF

Income tax slabs

Tax rate

Tax Payment

Income up to Rs 2,50,000

NIL

Income from Rs 2,50,000 – Rs 5,00,000

10%

25,000/-

Income from Rs 5,00,000 – Re 10,00,000

20%

25,000 + 1,00,000

Income more than Rs 10,00,000

30%

1,25,000 + (Total Income -1000000)*30%

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

For Senior Citizens (60 Years Old or More but Less than 80 Years old)

Income tax slabs

Tax rate

Tax Payment

Income up to Rs 3,00,000*

NIL

Income from Rs 3,00,000 – Rs 5,00,000

10%

20,000/-

Income from Rs 5,00,000 – Rs 10,00,000

20%

20,000 + 1,00,000

Income more than Rs 10,00,000

30%

1,20,000 + (Total Income - 1000000)*30%

For Senior Citizens (80 Years Old or More)

Income tax slabs

Tax rate

Tax Payment

Income up to Rs 5,00,000*

NIL

Income from Rs 5,00,000 – Rs 10,00,000

20%

1,00,000

Income more than 10,00,000

30%

1,00,000+ (Total Income-10,00,000)*30%

Partnership Firms/ Limited Liability Partnership (LLP)

Income range

Tax rate

Surcharge*

EC & SHEC [% on (tax + surcharge)]

Up to Rs. 1,00,00,000

30%

Nil

3%

More than Rs. 1,00,00,000

30%

12%

3%

Domestic Companies

Income range

Tax rate

Surcharge*

EC & SHEC [% on (tax + surcharge)]

Up to Rs. 1,00,00,000

30%

Nil

3%

More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000

30%

7%

3%

More than Rs. 10,00,00,000

30%

12%

3%

*Income tax rate is 29% if turnover in the previous year is below Rs. 5, 00, 00,000.

Foreign Companies

Income range

Tax rate

Surcharge*

EC & SHEC [% on (tax + surcharge)]

Up to Rs. 1,00,00,000

40%

Nil

3%

More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000

40%

2%

3%

More than Rs. 10,00,00,000

40%

5%

3%

Co-operative Societies

Income range

Tax rate

Surcharge*

EC & SHEC [% on (tax + surcharge)]

Up to Rs. 10,000

10%

Nil

3%

Rs. 10,000 – Rs. 20,000

20%

Nil

3%

Rs. 20,000 – Rs. 1,00,00,000

30%

Nil

3%

More than Rs. 1,00,00,000

30%

12%

3%

What are the Income tax slabs for the assessment year 2018-19?

For Individual Tax Payers & HUF

Income tax slabs

Tax rate

Health and Education Cess (HSEC)

Tax Payment

Income up to Rs 2,50,000

NIL

-

Income from Rs 2,50,000 – Rs 5,00,000

5%

4% of Income Tax

12,500+4% of Income Tax as HSEC

Income from Rs 5,00,000 – 10,00,000

20%

4% of Income Tax

12,500+1,00,000+4% of Income Tax as HSEC

Income more than Rs 10,00,000

30%

4% of Income Tax

1,12,500+(Total Income-1000000)*30%+ 4% of Income Tax as HSEC

Applicability of Surcharge:

where total income exceeds Rs.50 lakh but up to Rs.1 crore, surcharge is applicable to 10% of income tax,

where total income exceeds Rs.1 crore, surcharge is applicable to 15% of income tax

For Senior Citizens (60 Years Old or More but Less than 80 Years old)

Income tax slabs

Tax rate

Health and Education Cess

Tax Payment

Income up to Rs 3,00,000*

NIL

Income from Rs 3,00,000 – Rs 5,00,000

5%

4% of Income Tax

10,000+4% of Income Tax as HSEC

Income from Rs 5,00,000 – 10,00,000

20%

4% of Income Tax

1,10,000+4%of Income Tax as HSEC

Income more than Rs 10,00,000

30%

4% of Income Tax

1,10,000+(Total Income-1000000)*30%+ 4% of Income Tax as HSEC

For Senior Citizens (80 Years Old or More)

Income tax slabs

Tax rate

Health and Education Cess

Tax Payment

Income up to Rs 5,00,000*

NIL

Income from Rs 5,00,000 – Rs 10,00,000

20%

4% of Income Tax

1,00,000+4% of Income Tax as HSEC

Income more than 10,00,000

30%

4% of Income Tax

1,00,000+(Total Income-10,00,000)*30%+ 4% of Income Tax as HSEC

Frequently Asked Question about Income Tax Return

Q1. Is it required to file Income Tax Return when my company deducts all the TDS?

TDS deduction and Income Tax return filing are not the same things. Income Tax return Is filed to show that all the taxes have been paid by you.

Q2. How can I pay my tax liability to the government?

Taxes can be directly paid by the taxpayers on the website of the Income Tax Department using Net-banking with challan 280.

Q3. What is ITR-V?

After income tax return filing, a document is received by you which is ITR V. One has to take a print of that, sign and send within 120 days of income tax return filing to the Income Tax Department.

Q4. Can ITR-1 be filed with exempt agricultural income?

In case agricultural income is up to Rs 5000 then ITR 1 can be filed. However, if the agricultural income exceeds Rs 5000 then ITR 2 is required to be filed.

Q5. How can I claim for Income Tax Refund?

The income taxpayer can claim for the excess tax to refund through Income-tax return filing. The department will refund the amount to the taxpayer through ECS transfer. It must be ensured that bank details are correctly mentioned in ITR form such as account number, IFSC code etc.

Q6. Which form I have to file for my Income Tax return filing?

This is no wonder that people get confused while applying for income tax return filing. There are various forms for income tax return filing such as ITR 1, ITR 2, ITR 2A, ITR 3, ITR 4, ITR 4S, ITR 5, ITR 6 and ITR 7. Suitable Form is selected as per the eligibility of the taxpayer. If you are applying for income tax return and need assistance then you can take the help of Enterslice.

Q7. If I don't have a Form 16 then how can I file my income tax return?

Even if you don't have Form 16 you can file your income tax return. For this, you must have your pay slips. We can help you with the same.

Q8. Is there any requirement to attach any documents with income tax return filing?

No, while filing income tax return there is no need to file any other document. However, documents may be asked by the authorities for the purpose of assessment, inquiry, etc.

Q9. Do I have to file income tax return even when I don't have any positive income?

Income tax return must be filed before the due date even if there is a loss in the financial year because it can be carried forward to the subsequent year for the adjustment against the profit in the subsequent years. If you have filed your income tax return before the due date only then it can be carried forward.

Q10. Can someone file Income Tax return on my behalf?

In order to prevent any kind of fraud, you should not share your PAN and password details. You can take the assistance of chartered accountants and CA firms for income tax return filing. We have a team of dedicated chartered accountants for this purpose.

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